Oil India surges 5%, nears 52-week high in a weak market; ONGC up 2%

Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for is crude sales in July

Shares of Oil India surged 5 per cent to Rs 261.45 on the BSE in Monday's intra-day trade, in an otherwise weak market, as Brent crude oil prices rose after Saudi Arabia hiked prices for its crude sales in July. In comparison, the S&P BSE Sensex was down 0.45 per cent at 55,519 points at 10:09 AM.

The stock of Oil India was trading close to its 52-week high level of Rs 267.70, touched on October 1, 2021. In the past one week, it has outperformed the market by gaining 17 per cent as compared to 0.61 per cent